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Sacyr reaches €805 million (+65%) in operating cash flow through september
06/11/2024• Sacyr demonstrates its vast capacity for cash flow generation and converts 85% of its EBITDA into operating cash flow.
• The company has won four new P3 contracts so far in 2024, proof of the strength of its growth platform and high success rate in tender processes.
• In 2024, Sacyr has paid a record shareholder remuneration of €0.141 per share, 72% higher than in 2020.
Download PDFSacyr has obtained an operating cash flow of €805 million from January to September 2024, 65% more than in the same period of 2023.
Cash flow is the indicator that best reflects growth and value generation in a company like Sacyr, in which 90% of EBITDA comes from P3 assets, in most cases with no demand risk or risk mitigation mechanisms. Through September, 85% of the EBITDA was converted into cash flow, compared to 50% in the same period of 2023.
Revenues reached €3,262 million (+1%) up to September. EBITDA stood at €948 million (-2%) and net profit reached €74 million (+1%).
Recourse net debt stood at €215 million by Q3 2024 end. Net investment in 2024 reaches €577 million.
New P3 contracts and project commissionings
Sacyr has won four P3 projects in 2024: Lima’s Peripheral Ring Road in Peru, Turin’s Health Complex in Italy, and the Northern Airport Network and Ruta del Itata in Chile. These contract awards are proof of the company's high success rate in tender processes.
In addition, last August the company reached financial close of the I-10 Calcasieu River Bridge project in Louisiana (USA). This P3, where Sacyr is partners with Acciona and Plenary, calls for a $3.4 Bn investment and boasts a concession term of 50 years.
As for commissioned projects, this year the Uruguay Central Railway has come into operation, with an investment of €915 million, and so has the last section of the Pamplona-Cucuta highway (Colombia), with a total investment of €592 million.
On the other hand, Sacyr Water was awarded the expansion and operation of the desalination plants of Torrevieja, Alicante and Carboneras, in Alicante, and Aguilas (Murcia).
Capital increase
Last May, Sacyr carried out a €222 million non-preemptive share capital increase. Net proceeds of this operation will fund the company’s investment needs through 2027.
This operation will provide more liquidity to the company’s shares and greater financial flexibility with which to reach an investment grade rating, one of the major goals for the 2024-2027 strategic cycle.
Voreantis and asset rotation
Also in May, at the presentation of its 2024-2027 Strategic Plan, Sacyr announced the creation of a new investment vehicle that will pool most part of the company’s assets in operation.
This new company, called Voreantis, will welcome a stable minority share partner with up to 49% stake, with the aim of generating resources to expand in P3 activities, highlight asset value and co-invest.